European Commission Approves Alitalia Deal
Posted on: Wednesday, 12 November 2008, 15:00 CST
The European Commission said Wednesday Italian investors could proceed with plans to buy flight operations from failing airline Alitalia.
Leading trade unions in Italy have already agreed to back Compagnia Aerea Italiana's purchase of the flight operations although separate pilot, flight and ground crew unions are protesting CAI's plans with a series of planned strikes, ANSA reported Wednesday.
Sources said government-appointed administrator Augusto Fantozzi is not pleased with CAI's schedule for payments although he is prepared to accept the plan, ANSA said.
CAI said it would offer $1.24 billion for the airline's flight operations, including $344.8 million in cash and an assumption of $783.7 million in debt. It was also prepared to purchase Alitalia's airport operations, its service unit, and other assets for $112.8 million, ANSA said.
Once purchased, CAI will merge Alitalia's flight operations with flight operations at Italy's largest private carrier, Air One, the report said.
Source: United Press International
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